LME Cash–3M contango narrows from a twelve-week peak amid an easing concentration of warrant holdings
The LME Cash–3M contango slightly narrowed to $31.00 from yesterday’s twelve- week high of $31.50 per mton. The June–July contango tightened today to $8.75 from $9.50 per mton, while the Cash–June and the July–August contangos held without change from yesterday at $13.00 and $10.00 per mton, respectively. Meanwhile, the dominant player reduced its warrant-holding position to 40%– 49% (from 50%–79%) on Friday.
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